Motor Insurance
Navigating the realm of motor insurance premiums can be a financial challenge for vehicle owners. This article delves into practical tips to save on motor insurance costs, whether acquiring a new policy or renewing an existing one. Discover strategies that balance cost-effectiveness with comprehensive coverage for your vehicle. You can utilise a vehicle insurance calculator to estimate the costs of premiums to be paid.
Opt For Higher Deductibles:
Consider choosing a higher deductible amount for your car insurance. A deductible is the percentage of the claim amount you agree to pay. You can lower your car insurance premium by opting for a higher deductible. This strategy is suitable for confident drivers who anticipate fewer claims.
- Evaluate Comprehensive Coverage For Older Cars:
For older vehicles that are used less frequently or soon to be replaced, dropping comprehensive coverage in favour of basic third-party insurance can significantly reduce premium costs. However, for newer and expensive cars, maintaining comprehensive coverage is essential for comprehensive protection.
- Limit Car Modifications:
Excessive modifications to your car can increase insurance premiums. Unusual changes, such as altering the car’s colour to a distinctive shade, may attract thieves and result in higher premiums. Keeping modifications to a minimum can help lower your car insurance premium. ##
- Reduce Add-Ons To Save Premiums:
While add-on covers provide extra protection, they come at an additional cost. Evaluate your needs and choose only essential riders, dropping unnecessary add-ons. The number of add-ons directly influences the premium so careful selection can lead to premium savings. ##
- Leverage No-Claim Bonus (NCB):
The no-claim bonus (NCB) is a reward for not making claims during the policy period. Ensure the NCB earned is deducted from the car insurance premium when renewing the policy. This concession, often up to 50%, can lead to substantial savings on the premium. Claims are subject to terms and conditions set forth under the motor insurance policy. ## *
- Install Security Devices:
Enhance your car’s safety by installing security devices like alarms or tracking systems. Insurers offer lower premiums for vehicles with safety gadgets, making them less prone to theft or break-ins. Investing in safety devices lowers the premium and adds an extra layer of protection. ##
- Consider Switching Insurers:
Explore different car insurance options in the market. Your current insurer might offer the policy at a higher rate. Comparing options allows you to identify better deals and switch to an insurer offering a more economical plan. Switching insurers can result in a lower premium without compromising on coverage.
Adopting these strategies can help you effectively lower your car insurance premium when purchasing or renewing a motor insurance policy in India. While seeking cost savings, it is essential to prioritise adequate coverage. Negotiate for concessions only when the insurer guarantees the right coverage at a lower cost. Protect your vehicle and its occupants by securing the best insurance plan at the most favourable rate. A motor insurance premium calculator helps you choose the cost of insurance that is right for you.
*Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
